A borrower has two alternative for a loan: (1) issue a $570,000, 90-day, 6% note or (2) issue a $570,000, 90-day note that the creditor discounts at 6%. Assume a 360-day year. Calculate the amount of the interest expense for each cotton. for each alternative. Determine the proceeds received by the borrower m each situation. $570,000, 90-day, 6% simple-interest $570,000, 90-day note discounted at 6% c. Alternative is mo-e favorable to the borrower since the effective interest rate on alternative 1 is and the effective rate on alternative 2 is